News Update: Challenges of GenAI in Banking, X's Payment Capability, Revolut's US lawsuit and Economic Updates

Hosts: Paul Sweeney, Co-Founder and Chief Strategy Officer, and Cormac O'Neill, CEO and Co-Founder at Webio

Key Discussions:

1. Webio Announcements: Cormac teases with upcoming exciting announcements from Webio, hinting at significant developments that could impact the industry.

2. UK Economic Update: The UK's GDP rose by 0.3% in November 2023, recovering from a 0.3% decrease in October. Retail, car leasing, and computer games sectors performed well, particularly during Black Friday. However, the Federation of Small Business reports increased business running costs, and the British Chamber of Commerce notes a rise in business confidence.

3. Motor Finance Industry Scrutiny: The Financial Conduct Authority is investigating the motor finance industry, particularly focusing on discretionary commission arrangements and potential unfair charges to consumers for loans.

4. Irish SMEs and Debt Repayment: Cormac discusses the challenges Irish SMEs face with the end of warehousing taxation debt from COVID, potentially impacting cash flow.

5. Revolut Class Action Lawsuit: Revolut faces a lawsuit in Illinois, USA, for allegedly unlawfully collecting and storing customers' biometric data, highlighting the importance of responsible data management in fintech.

6. Social Media Platform X's Payment Capability: Discussion on the social media platform X (formerly known as Twitter) planning to launch a peer-to-peer payment capability, aiming to control users' entire financial life.

7. OpenAI's Chat GPT Store: OpenAI launched a GPT store, offering services like credit card recommendations and student loan repayment calculators. This development is seen as a potential game-changer in customer support and search experiences.

8. EY Parthenon Report on Generative AI in Banking: The report reveals how retail and commercial banks view GenAI's opportunities and challenges. Key areas of impact include automating sales-related activities, enhancing technological capabilities, and accelerating innovation. The report suggests banks reimagine customer interactions and explore new revenue streams using GenAI.

9. Challenges in Implementing GenAI: Banks face challenges in resourcing for GenAI activities, with implementation costs and outdated technology architectures being significant barriers.

10. Future Episodes: Paul announces a full roster of interviews for Q1 of 2023, featuring perspectives from various industry practitioners, including those implementing large-scale AI projects.

Conclusion: The episode concludes with a reminder to subscribe to the Credit Shift podcast and anticipation for upcoming episodes featuring diverse industry insights.

Sources

News Update: Challenges of GenAI in Banking, X's Payment Capability, Revolut's US lawsuit and Economic Updates

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